Chapter 5

Question 1

Big data

Answer 1

complex data sets generated by sophisticated information generation, collection, storage and analysis technologies.

Question 2

Marketing Information System (MIS)

Answer 2

a structure of people, equipment and procedures to gather, sort, analyze, evaluate an distribute needed, timely and accurate information to marketing decision makers.

Question 3

MIS process (4 steps)

Answer 3

1. Assess managers information needs → a good MIS balances the information that managers would like
   to have against that which they really need and are feasible to obtain.
2. Develop marketing information → through:
   1) Internal data → databases to which managers can readily access and work with information.
   2) Marketing intelligence → every day information about developments in the marketing environment that helps managers to prepare and adjust marketing plans in the short run which consists of: a) internal sources, b) external sources and c) sources of competitive
   competition.
   3) Marketing research → which involves 2 steps:
   a) Identifying and defining marketing opportunities and problems (exploratory, descriptive and casual research)
   b) Developing a research plan by transforming objectives into specific information needs and developing a data collection plan. Researchers can gather either or both: primary data (information collected for a specific purpose at hand) and secondary data (information that already exist somewhere because it has been collected for other purposes). Designing a plan for primary data collection calls for decision about: research approach, contact methods, sampling plan and research instruments.
3. Implementing the research plan → put the marketing research plan into action by collecting, processing and analyzing information.
4. Interprets reports and findings → interpret findings and draw conclusions.